By Abba -Eku Onyeka
The Senate and House of Representatives Joint Committee on Finance has on Tuesday jerked up revenue projections for Nigeria Customs Service (NCS) and the Nigeria Deposit Insurance Corporation (NDIC) from proposed
N163.3billion to N180billion and
N6.5trillion to N12 trillion respectively for the 2025 fiscal year.
The decisions of the joint committee were taken on Tuesday when Chief Executives of the Federal Government (FG)- owned agencies appeared before the committees for defence of 2024 budget and revenue projections for 2025 fiscal year .
Making presentations on revenue projections for the 2025 fiscal year, the Comptroller – General of NIS, Bashir Adewale Adeniyi said that having generated N6.1trillion in 2024, Customs will comfortably generate N6.5trilliin in 2025.
But the Chairmen of the joint committee, Sen. Sani Musa and Hon. James Faleke in their separate remarks, told the NCS CG, that the 2025 projected revenue should be far above N6.5trillion.
Senator Sani Musa in particular, said N10 million should be the minimum revenue generation target for customs in 2025 which was however increased to Trillions based on suggestions made to that effect by some other members of the committee.
“Based on an aggregate of opinions expressed by members of this committee, the Comptroller – General of Customs , should aim at generating Trillions revenue for Nigeria in 2025 which almost doubles the N6.5 Trillions proposed by Customs itself, ” he said .
Similar ambitious revenue generation projection was made for NDIC when its Managing Director and Chief Executive Officer , Mallam Bello Hassan , made presentations on defence of 2024 budget and revenue projection for 2025.
Also making his presentations, the NDIC boss informed the committee that N163.3billion was projected as revenue generation in 2025 which was described as very low Sen. Sani Musa .
Musa after consultation with Faleke, proposed N180 billion for the NDIC as 2025 projected revenue.
